Societe Generale Sees Further CAD Weakness as USDCAD Breaks Resistance
Societe Generale analysts note that USDCAD has breached key technical resistance and could extend higher, as the Bank of Canada is expected to keep rates unchanged, implying further downside for the Canadian dollar against the USD.
Societe Generale analysts observe that USD/CAD has broken above a key technical resistance level, opening the door for additional gains in the pair. They attribute this potential move to the Bank of Canada's likely decision to hold interest rates steady, which contrasts with the more hawkish stance of the Federal Reserve.
The note highlights that the Canadian dollar faces persistent downside risks versus the greenback as long as the BoC remains on hold. No specific target levels or timeline were provided in the analysis.
Source: FXStreet Forex News